Saudi energy minister says current energy crisis "not an oil crisis", OPEC+ program to boost output to achieve surplus

Saudi Minister of Energy Abdulaziz bin Salman

Saudi Minister of Energy Abdulaziz bin Salman said that the current energy crisis is not an oil crisis, but rather the different energy sources other than oil. He added that Saudi Arabia always takes the initiatives to solve energy crises, if possible, calling upon all to be aware of what OPEC+ has done in order to achieve stability in the oil market, and noting that the crisis is due to errors in energy replacement processes and weak investment.
 

In an interview with Al-Sharq TV, on the sidelines of the “Green Saudi Initiative” forum, the minister said that the current oil supply is sufficient, and that everything the market needs are available. He noted that OPEC+ program to boost production by 400,000 barrels per month may achieve a surplus in the global stockpile in the market, if the economy does not grow appropriately, and transport traffic returns to normality, which will put pressure on the market.
 

Maintaining energy security is a collective demand for the world countries, and there will be no energy security without a pivotal role for the Kingdom. The diversity of energy sources is a major factor if not the most important one in maintaining energy security, according to the minister.
 

Furthermore, the minister added that the world cannot live on just one or two sources of energy, but it needs different sources, pointing out that there should be a controller for the markets of other energy sources.
 

The Kingdom seeks to be an exporter of all energy sources, not only oil, said the minister. He added: "We have the lowest cost for solar energy and renewable energy in general. We also have the most important and largest project in green hydrogen, along with the possibility of producing blue hydrogen, in addition to oil, gas and the petrochemical sector".
 

The minister pointed out that Saudi Arabia's objective to reach zero carbon emissions can be achieved before 2060, saying that this will not have an adverse financial or economic impact in the Kingdom. He also stressed that there is no contradiction between investment in energy and concern about the climate.